Saturday, August 21, 2021

Your Credit Report

 The only thing a credit score does is to rate how well you handle debt. Those items that are commonly reported to the credit bureaus are mortgage payments, credit cards and loans. Some utility companies have begun to report monthly payments.

The only thing a credit score does is to measure how well you handle debt. It is used by banks, credit card companies and companies that have their own credit cards to determine your risk level for extending credit.

A poor credit score can affect your ability to obtain some jobs. For instance if you have a low score you may have problems in obtaining jobs in the financial world and organizations that require a security clearance. Many companies today run a credit report when you are being hired. The item they are looking for is late payments.

You do not need a credit score to get a mortgage. A mortgage company can do a manual underwriting  where you produce your financial records for them to see historically how you handle your income and spending.

If you are having financial problems we can help you get on the right track by providing you with a plan to have financial peace.